Breaking News

Econet lashes out at banks on mobile money

by Business reporter
11 January 2013 | 6803 Views
ECONET Wireless Zimbabwe (Econet) has lashed out at banks for proposing amendments to government's banking reforms to include mobile money service providers, saying it was a selfish attempt by a clique of individuals to frustrate its operations.

Econet owns EoCash, a mobile payments service.

In his national budget statement Finance minister Tendai Biti said banks should, effective this year, not levy fees on deposits of less than US$800 and give 4% interest on deposits of at least US$1 000 held over 30 days. He also said banks should issue debit cards for free and scrap the deposit protection fund cap.

Bankers Association of Zimbabwe (Baz) said they would, among other things, incur huge losses as a result of the legal changes given that most of their income came from tariffs. In a position paper, Baz argued mobile money services should be bound by the same regulations in order to create a level playing field while recent media reports indicate bankers are lobbying for all mobile money services to be administered by a financial institution, otherwise they become direct competition to conventional banking.

Econet has responded by saying regulators should not be swayed by selfish interests of a minority group wishing to keep ordinary people from enjoying the benefits of their mobile money technology, while offering no meaningful alternative solutions or even willing to invest anything.

"Econet is aware there is a small number of individuals, mostly associated with one foreign-owned financial institution, who have lobbied intensely both before and after the introduction of this vital (EcoCash) service yet this very same institution, motivated only by what we believe is selfishness, has never shown any inclination whatsoever in its long existence in Zimbabwe to develop services that are inclusive and serve the majority of Zimbabweans," said the country's largest mobile network provider in response to businessdigest's questions.

"The so-called complaints of a small minority of banks are reminiscent of the complaints of the then PTC management when Econet founder Strive Masiyiwa was trying to introduce cellphones in Zimbabwe. If he had not fought tenaciously, over 10 million people would today not have access to a phone."




According to the mobile phone operator's statistics, EcoCash has enabled nearly two million Zimbabweans, the majority of who did not have bank accounts, to have access to basic financial services.

Most of the EcoCash subscribers live in rural areas where there are no banking facilities, making the facility their economic life line.

Econet EcoCash Mobile money Banks

Source: theindependent

Is Itai Dzamara eyeing the US Green Card?

Yes
18.25%
No
76.46%
Not sure
5.29%
378

Comments

News Updates

Email:

Latest News

Collective idiocy of Tsvangirai's MDC-T - HONESTLY, while with brazen ...

by Brilliant Sigabade Mhlanga | 18 April 2015 | 286 Views

What went wrong with SA independence to turn their anger and hate on f...

by Nomazulu Thata | 18 April 2015 | 372 Views

Dembare, FC Platinum match abandoned due to load shedding - Dynamos 1-...

by Sports reporter | 18 April 2015 | 283 Views

Oliver Mtukudzi Peace for Africa Message - Over the last few days I ha...

by Oliver Mtukudzi | 18 April 2015 | 249 Views

Zimbabweans celebrates 35th Independence - Zimbabweans from across th...

by Staff reporter | 18 April 2015 | 1225 Views

Zuma cancels foreign trip to address xenophobic attacks - South Africa...

by Staff reporter | 18 April 2015 | 2277 Views

Avenging spirit of a girlfriend wreaks havoc - AN avenging spirit of a...

by Ngoni Dapira | 18 April 2015 | 3944 Views

Family in witchcraft storm - BEING fingered by his 11 sons as the culp...

by Tendai Gukutikwa | 18 April 2015 | 2373 Views

Man attempts to forcibly remove wife's contraceptive implant using a r...

by Caroline Chaparadza | 18 April 2015 | 2360 Views

Mssaulted with bottles, sjambok over $150 debt - A 34-YEAR-OLD man was...

by Staff reporter | 18 April 2015 | 930 Views

'Zanu-PF, Ndonga re-unification real' - THOUSANDS of Zanu-PF and Ndong...

by Luthando Mapepa | 18 April 2015 | 1690 Views

Zanu-PF Senator's house attacked - UNKNOWN assailants early this morni...

by Liberty Dube | 18 April 2015 | 1620 Views

Jonathan Moyo unpacking #1980sofarsogood - TODAY Zimbabwe celebrates 3...

by Susan Nyabunze | 18 April 2015 | 1392 Views

Mahofa, Tokwe-Mukosi flood victims clash - Masvingo Provincial Affairs...

by George Maponga | 18 April 2015 | 871 Views

Pub bouncer jailed for assaulting patrons - A VICTORIA Falls sports ba...

by Quitani Tawanda Muposeki | 18 April 2015 | 924 Views

Less than 500 attend Tsvangirai's 'star' rally - MDC-T leader Morgan T...

by Lovemore Zigara | 18 April 2015 | 2316 Views

Siblings swap parents' house with a kombi - Three siblings swapped the...

by Staff reporter | 18 April 2015 | 1601 Views

MDC-T leadership wrangle spills into the courts - MDC-T senator Matson...

by Mashudu Netsianda | 18 April 2015 | 1289 Views

Teachers to boycott Zimsec examinations - TEACHERS have threatened to ...

by Staff reporter | 18 April 2015 | 1311 Views

Beitbridge border post gears up for Zim repatriates - Beitbridge borde...

by Staff reporter | 18 April 2015 | 1262 Views

Zimbabwe police beatings of xenophobia protesters must be investigated...

by Amnesty International | 18 April 2015 | 1709 Views

Disused mine shaft collapses trapping in 13 illegal miners, one dies -...

by Staff Reporter | 18 April 2015 | 806 Views

Zimbabwe ready to receive victims of xenophobia

by Staff Reporter | 18 April 2015 | 1659 Views

Three senior officials at Mpilo suspended - THREE senior officials im...

by Temba Dube | 18 April 2015 | 1424 Views

35 Years of Independence and 35 Years in the wrong Direction - A simpl...

by Thulani Nkala | 18 April 2015 | 855 Views

35 years after independence, Zimbabweans are mummified with hopeless p...

by Clemence Nhliziyo | 18 April 2015 | 558 Views

Entertainment

Lady Bee Marukazi (Official video)

by Staff Reporter | 18 April 2015 | 249 Views

10 Zimbabwean artists pen anti-xenophobia song - 10 local artists hav...

by Staff reporter | 16 April 2015 | 2488 Views

ZAA announce comedy king Carl Joshua Ncube as headline act - LONDON - ...

by Arts Correspondent | 16 April 2015 | 1107 Views

Apologies from Brickz, No to xenophobia - Video - Apologies from Bric...

by Staff Reporter | 15 April 2015 | 4673 Views

Bev throws birthday gig

by Staff Reporter | 15 April 2015 | 5212 Views

Bulawayo here I come! - Cassper Nyovest says - South African singer...

by Thobekile Zhou | 15 April 2015 | 4006 Views
iBlog

Protect Your Greatest Small Business Asset: Time

if your work week is way more than 40 hours, your smartphone is glued to your hand, and your to-do list is multiple pages of overdue tasks—you know how valuable every minute of your time is.your smartphone and tablet make doing business from anyw... Read More
Sergey 05 September 2014 ago

Rules Or Relationship

The dog does not need a lead to go for a walk. its owner can just speak a word and the dog responds. now, we are not comparing ourselves to dogs, we are comparing performance-based christian living to relationship-based christian living. big, big ... Read More
LindaDiokpa 30 December 2014 ago